G7

Western leaders hope to tighten vice around Vladimir Putin without causing backlash at home or in global south.

The gas cap would operate simply by European countries refusing to pay above an as-yet unspecified fixed price for Russian gas. About 95% of the world’s tanker liability coverage is arranged through a City of London-based insurance organisation called the International Group of Protection and Indemnity Clubs, which has to heed European law. Germany is probably the single G7 country most queasy about price caps. Joe Biden, at the outset of the summit held in the Bavarian alpine castle that formed the venue for the 2015 G7 meeting, said Putin had been thwarted by the degree of unity shown by the west. But behind the scenes, as Putin rained missiles on Kyiv and made further territorial gains in the east of Ukraine, there is deep concern that the west has not yet assembled the policy mix that will force him to back down. We must avoid the mistakes made after the 2008 crisis: the energy crisis must not produce a return of populism.

Global Investment and Infrastructure Partnership, aimed at rivalling China, comes a year after Build Back Better World plan.

At the time the EU insisted its fund would work alongside Build Back Better World, and not be a rival. The aim would be to leverage a total $600bn (£490bn) of private and public funds by 2027, with Biden claiming $200bn over the next five years would come from the US. The fund was relaunched at the start of the G7 in Germany on Sunday as the Global Investment and Infrastructure Partnership and with the same goal of providing an alternative to the Chinese belt and road initiative that Beijing has used for more than a decade to build economic ties with developing countries.

The Partnership for Global Infrastructure and Investment will deliver game-changing projects to close the infrastructure gap in developing countries,

ABD Group credits the Memorandum of Understanding for commercial cooperation between the U.S. Government and the Government of Côte d’Ivoire with providing the necessary foundation of partnership for this deal to come to fruition. The program is expected to mobilize $2 billion in financing as a result of U.S. Government assistance, increase regional energy trade by five percent, and result in 2 gigawatts of advanced energy systems deployed. This new blended finance program for fund managers and project developers through the Digital Connectivity and Cybersecurity Partnership will promote the growth of resilient, secure digital ecosystems in developing countries. - The U.S. Agency for International Development (USAID) will aim to commit up to $50 million over five years to the World Bank’s new global Childcare Incentive Fund – $200 million public-private partnership to address the gap in suitable childcare infrastructure; boost women’s employment opportunities, productivity and income, and broader economic growth; and promote human capital and early learning for children. - The U.S. Government with U.S. firm NuScale Power LLC (Tigard, OR) will provide $14 million in support for the Front-End Engineering and Design study for Romania’s deployment of a first-of-its-kind small modular reactor (SMR) plant. Through this investment, DFC expects to mobilize $30 million in private capital. Uhuru has committed to investing at least 30 percent of capital in eligible portfolio companies that support DFC’s 2X women’s economic empowerment initiative, and over 40 percent of the Uhuru team members are women. - U.S. telecommunications company SubCom (Eatontown, NJ), awarded a $600 million contract, to build the Southeast Asia–Middle East–Western Europe 6 submarine telecommunications cable that will connect Singapore to France through Egypt and the Horn of Africa. The submarine cable will stretch over 17,000 km and connect countries across the region with high-speed, reliable connectivity. - In collaboration with G7 members as well as the European Union and multilateral organizations, the U.S. International Development Finance Corporation (DFC) is disbursing a $3.3 million technical assistance grant to Institut Pasteur de Dakar (IPD) for early-stage project development for an industrial-scale flexible multi-vaccine manufacturing facility in Senegal with potential annual capacity of millions of doses of COVID-19 and other vaccines, potentially using both viral vector and mRNA technologies. Addressing the current pandemic and preventing and preparing for the next one is crucial to U.S. economic and national security. In addition to supporting up to $1.3 million in U.S. exports, the project will help Angola meet their climate commitments, including generating 70% carbon-free power by 2025. Over the past year, members of the Administration have traveled to hear directly from countries on how we can meet their infrastructure needs, deepened our coordination across the U.S Government and with the G7, honed our infrastructure investment tools, and closed game-changing deals.

The announcement came on a day that saw the G7 leaders openly mock the macho image of their absent adversary Vladimir Putin.

Get a note directly from our foreign correspondents on what’s making headlines around the world. French President Emmanuel Macron and British Prime Minister Boris Johnson were not present, but their countries are also participating. Friederike Roder, vice president of the non-profit group Global Citizen, said the investment could lead to greater engagement by G7 countries in developing nations and could underpin stronger global growth for all. “I want to be clear – this isn’t aid or charity. US President Joe Biden and other G7 leaders relaunched the newly renamed Partnership for Global Infrastructure and Investment at their annual gathering in Schloss Elmau in southern Germany. Schloss Elamau, Germany: Group of Seven (G7) leaders on Sunday pledged to raise $US600 billion ($846 billion) in private and public funds over five years to finance infrastructure in developing countries and counter China’s multitrillion-dollar Belt and Road project.

Boris Johnson and Justin Trudeau poke fun at Russian president's penchant for stripping off during photoshoots.

Johnson suggested the leaders “show them our pecs”. Another image from 2010 shows a bare-chested Putin carrying a hunting rifle during a trip in southern Siberia, while yet another shows the Russian leader wearing a wetsuit, carrying artefacts recovered while diving at an archaeological site off the Taman peninsula. Leaders of the Group of Seven wealthy nations have mocked the macho image of Vladimir Putin at a meeting in Germany dominated by the Russian president’s invasion of Ukraine.

Group of Seven leaders have pledged to raise $US600 billion ($A864 billion) in private and public funds over five years to finance infrastructure in ...

It's an investment that will deliver returns for everyone," Biden said, adding it would allow countries to "see the concrete benefits of partnering with democracies". Friederike Roder, vice president of the non-profit group Global Citizen, said the pledges of investment could be "a good start" toward greater engagement by G7 countries in developing nations and could underpin stronger global growth for all. "I want to be clear. The US Agency for International Development will also commit up to $US50 million ($A72 million) over five years to the World Bank's global Childcare Incentive Fund. The US would mobilise $US200 billion ($A288 billion) in grants, federal funds and private investment over five years to support projects in low- and middle-income countries that help tackle climate change and improve global health, gender equity and digital infrastructure, Biden said. Group of Seven leaders have pledged to raise $US600 billion ($A864 billion) in private and public funds over five years to finance infrastructure in developing countries and counter China's multi-trillion-dollar Belt and Road project.

Analysis: A price cap on Russian oil and potential famine in Africa are among issues pressing for attention.

That meeting was chaired by Angela Merkel in the wake of the first Russian invasion of Ukraine and Merkel is now seen to have bequeathed her successor a legacy of overdependence on Russian energy. Gazprom cut gas supplies by 60% last week, citing maintenance problems caused by the lack of supply of parts from Canada, an explanation that G7 leaders do not regard as credible. Italy has for weeks been pressing to go further by introducing a cap on gas prices, an idea backed by Italian energy firms. One idea being floated by the US would be to make their access to shipping insurance for oil cargo dependent on not paying more than the agreed fixed cap for the oil onboard. For European nations, it is also seen as a way potentially to dampen rampant inflation driven by energy prices. He is expected to emphasise the difficulties his troops are facing in eastern Ukraine as well as the need for heavier long-range weapons.

The leaders of the G7 countries have brutally mocked Russian President Vladimir Putin for a famous "bare-chested" picture taken while on holiday.

Stream the latest news on the war in Ukraine live & on demand on Flash. 25+ news channels in 1 place. "Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia." “We're going to get the bare-chested horseback riding display,” Mr Trudeau said in reference to a picture of President Putin riding shirtless on a horse in 2009. “Jackets on? The leaders of the G7 countries have brutally mocked Russian President Vladimir Putin for a famous "bare-chested" picture taken while on holiday. The seven leaders of the world's richest democracies have mocked Vladimir Putin before landing a major blow to the Russian invasion of Ukraine at a G7 meeting in Germany this week.

G7's Partnership for Global Infrastructure and Investment to help finance infrastructure in developing countries.

It’s an investment that will deliver returns for everyone,” Biden said, adding that it would allow countries to “see the concrete benefits of partnering with democracies”. French President Emmanuel Macron and British Prime Minister Boris Johnson were not present, but their countries are also participating. “I want to be clear.

Members of the Group of Seven wealthy nations have announced a ban on imports of Russian gold as a three-day summit in the Bavarian Alps begins.

"Ukraine can win and it will win. But they need our backing to do so. At the same time, they will aim to minimise "as much as possible the effect of these rising oil prices and the way (Putin) has weaponised energy". John Kirby, National Security Council spokesman at the White House, said the G7 will be seeking to hold Russia accountable and to increase the costs and consequences of the war on Putin and his economy. In a show of their resolve to heap pressure on Moscow, the G7 announced that it will outlaw imports of Russian gold which the US said is the second largest export for Russia and a significant source of revenue for Vladimir Putin and his allies. According to the White House, Russia accounted for about five percent of all gold exports in 2020 and 90 percent of Russia's output went to G7 countries - mostly to Britain.

The idea of an oil price cap comes at a time when the high price of crude means Russia's oil export revenue has not necessarily declined despite Western ...

The EU and UK already agreed to co-ordinate on an insurance ban, but London has not completed its scheme. “We need to starve the Putin regime of its funding,” said Mr Johnson. Charles Michel, president of the European Council, said the EU was ready to decide with its partners on a price cap but stressed the need for a “clear vision” and awareness of possible knock-on effects. The blockade of Ukrainian ports has raised concern over food shortages in developing countries while Russia’s decision to cut gas supplies to Europe is threatening a continent-wide energy squeeze. The EU in May agreed to a phased-in ban on seaborne Russian oil shipments while temporarily allowing crude deliveries via pipeline to continue. On Monday, caps will be debated with a broader group as the leaders of Germany, the US, UK, France, Italy, Japan and Canada are joined by “partner” countries invited to the summit.

Group of Seven leaders have pledged to raise $US600 billion ($A864 billion) in private and public funds over five years to finance infrastructure in ...

It's an investment that will deliver returns for everyone," Biden said, adding it would allow countries to "see the concrete benefits of partnering with democracies". Friederike Roder, vice president of the non-profit group Global Citizen, said the pledges of investment could be "a good start" toward greater engagement by G7 countries in developing nations and could underpin stronger global growth for all. "I want to be clear. The US Agency for International Development will also commit up to $US50 million ($A72 million) over five years to the World Bank's global Childcare Incentive Fund. The US would mobilise $US200 billion ($A288 billion) in grants, federal funds and private investment over five years to support projects in low- and middle-income countries that help tackle climate change and improve global health, gender equity and digital infrastructure, Biden said. Group of Seven leaders have pledged to raise $US600 billion ($A864 billion) in private and public funds over five years to finance infrastructure in developing countries and counter China's multi-trillion-dollar Belt and Road project.

President Joe Biden and fellow world leaders, huddling in the Bavarian Alps, heard Monday from Ukrainian President Volodymyr Zelensky as they mull the next ...

How, when and by how much the price of Russian oil will be capped remains to be seen. "And if we let Putin get away with it, and just annex, conquer sizable parts of a free, independent, sovereign country, which is what he is poised to do ... then the consequences for the world are absolutely catastrophic." Officials said the precise mechanism for accomplishing the cap was still being worked out. High oil prices mean Russia is making more revenue from its energy exports, despite bans in Europe and the United States. The US will also announce $7.5 billion in new funding for Ukraine, part of a broader commitment from G7 nations to help the country make up its budgetary shortfalls. His entreaties will become more urgent following Sunday's missile hits on two residential buildings in Kyiv, the Ukrainian capital that had enjoyed relative calm in recent weeks as the fighting moved eastward.

In Germany today, President Biden will meet with G7 leaders and President Zelenskyy to continue delivering on our unwavering, unified commitment to.

The commitment by the leaders will include maintaining Ukraine’s credible military readiness and defense, including through the timely provision of modern defense equipment and advanced weapons systems. The U.S. Department of the Treasury will be issuing a determination to prohibit the import of new gold into the United States, which will prevent Russian participation in the formal gold market. G7 Leaders will decide to impose sanctions on those responsible for human rights abuses – including war crimes, exercising illegitimate authority in Ukraine, and involved in Russia’s tactics to steal Ukrainian grain or otherwise profit illegitimately from the war. The U.S. Department of Commerce will take its first action against companies engaging in backfill activities in support of Russia by adding several companies around the world to the Entity List, which will prohibit those companies from purchasing U.S.-made origin goods and technologies, such as semiconductors. Imposition of costs on those responsible for human rights abuses – including war crimes, profiteering, and illegitimate authorities. Russia’s GDP will likely decline by double digits, inflation is rising to over 20%, Russia’s struggling to make bond payments, and Russia’s defaulted on its sovereign debt for the first time in more than a century. G7 Leaders will align and expand targeted sanctions to further restrict Russia’s access to key industrial inputs, services, and technologies produced by our economies, particularly those supporting Russia’s armament industrial base and technology sector. The G7 will issue a statement of support for Ukraine, which will include significant new sanctions commitments to further intensify our economic measures against Russia. The effectiveness of our measures will only compound over time to further isolate Russia from the world economy. Using tariffs on Russian goods to help Ukraine. Earlier this year, G7 leaders committed to strip Russia of “most favored nation” trading status, which guaranteed low tariff rates for Russian goods sold globally. President Biden and other G7 leaders will seek authority to use revenues collected by new tariffs on Russian goods to help Ukraine and to ensure that Russia pays for the costs of its war. Measures targeting the Russian military production and supply chains.

US President Joe Biden (R) addresses a press conference next to Canadian Prime Minister Justin Trudeau and other G7 and EU leaders during the G7 Summit at Elmau ...

And I'm proud to announce to the United States and mobilize $200 billion in public and private capital over the next five years for that partnership," Biden said. Through the Partnership for Global Infrastructure, the US and other nations plan to mobilize $200 billion over the next five years, a mix of grants, federal dollars and private sector investments, in projects in a variety of nations. "I would argue that it is definitely not too late," the official added. Not just the G7, all of our people," Biden said. Yet the President has made repeatedly clear he hopes to convince fellow leaders to take a tougher line. "I think leaders are going to be looking for ways to do two things: One, continue to hold Mr. Putin accountable and to increase the costs and consequences of his war on him and his economy," Kirby said. "And if the President did get a bounce in the polls because of his leadership on Ukraine, that's very fast being dissipated. Pressed by one reporter if the decision had come up in conversation, Biden deadpanned, "With regards to Ukraine?" Biden has pitched a similar program in the past, dubbing it Build Back Better World. He also cited the fact of the NATO meeting itself -- which begins later this week in Madrid -- as a testament to Putin failing in his goals. Whether the ruling comes up in Biden's private discussions remains to be seen. he asked, before joking about how the leaders had to look tough during their talks.

The Group of Seven rich democracies will commit to a new package of coordinated actions to increase pressure...

Western nations are keen to crank up the pressure on Russia without stoking already soaring inflation that is particularly hurting the global south. "The dual objectives of G7 leaders have been to take direct aim at (Russian President Vladimir) Putin's revenues, particularly through energy, but also to minimise the spillovers and the impact on the G7 economies and the rest of the world," the official said in a briefing on the sidelines of the annual G7 summit. The Group of Seven rich democracies will commit to a new package of coordinated actions to increase pressure on Russia over its war in Ukraine and will finalise plans for a price cap on Russian oil, a senior US official says.